The SEC charges include details of trades in shares in Elan Corp. plc (NYSE: ELN), Wyeth — now part of Pfizer Inc. (NYSE: PFE) — , and Dell Inc. (NASDAQ: DELL). The two SAC employees, Mathew Martoma and Michael Steinberg, have already been charged by the SEC with insider trading.
The SEC contends that Cohen “received highly suspicious information” upon which he should have taken “prompt action” to determine if his employees had engaged in “unlawful conduct” and that Cohen should have taken action “to prevent violations of federal securities laws.
SAC Capital has said that Cohen acted appropriately and that he would vigorously defend himself against the charges.
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